Please, take the IT band warning seriously! I've had it twice (once on each leg), and it requires strength training to truly take care of. I recommend Jason Fitzgerald at strengthrunning.com, but there are a lot of resources out there that basically tell you the same thing. It's a stubborn injury, but comes from very specific and FIXABLE, weaknesses. Do your research and be aggressive with your rehab exercises! (Go easy on the foam roller. It CAN make it feel better, but doesn't address the issue.)
As far as KT tape goes... If you think it helps, it helps. It's not too expensive, so worth experimenting with if you want to give it a shot.